Western Digital 2011 Annual Report Download - page 54
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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
July 1,
2011
July 2,
2010
July 3,
2009
Years Ended
Revenue, net ................................................... $9,526 $9,850 $7,453
Cost of revenue.................................................. 7,735 7,449 6,116
Gross margin ................................................. 1,791 2,401 1,337
Operating expenses:
Research and development ........................................ 703 611 509
Selling, general and administrative .................................. 307 265 201
Acquired in-process research and development .......................... — — 14
Restructuring and other, net ...................................... — — 94
Total operating expenses........................................ 1,010 876 818
Operating income ................................................ 781 1,525 519
Other income (expense):
Interest income ................................................ 9 4 9
Interest and other expense ........................................ (10) (9) (27)
Total other expense, net ........................................ (1) (5) (18)
Income before income taxes ......................................... 780 1,520 501
Income tax provision .............................................. 54 138 31
Net income .................................................... $ 726 $1,382 $ 470
Income per common share:
Basic ....................................................... $ 3.14 $ 6.06 $ 2.12
Diluted ..................................................... $ 3.09 $ 5.93 $ 2.08
Weighted average shares outstanding:
Basic ....................................................... 231 228 222
Diluted ..................................................... 235 233 226
The accompanying notes are an integral part of these consolidated financial statements.
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